Rap Icon Nas Could Net $100M When Coinbase Lists on Nasdaq

Nasir Jones’ QueensBridge Venture Partners invested in 2013. A source familiar with the matter confirmed QueensBridge is still on the Coinbase cap table.

AccessTimeIconApr 12, 2021 at 5:25 p.m. UTC
Updated May 9, 2023 at 3:18 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

U.S. rapper Nasir Jones (better known by his stage name, Nas) is among the fortunate few to have made early investments in Coinbase, the cryptocurrency exchange expected to reach over $100 billion in valuation when its COIN stock lists on Wednesday.

Jones’ investment firm, QueensBridge Venture Partners, got into Coinbase’s Series B round back in 2013 when it raised $25 million. Around that time Coinbase was valued at about $143 million, according to PitchBook.

  • How NEAR Enables Multichain Access From One Account
    00:56
    How NEAR Enables Multichain Access From One Account
  • Why the NEAR foundation Chose Eigenlayer as a Security Partner
    00:54
    Why the NEAR foundation Chose Eigenlayer as a Security Partner
  • Judge Kaplan Had 'No Love' for Sam Bankman-Fried, Legal Expert Says
    07:08
    Judge Kaplan Had 'No Love' for Sam Bankman-Fried, Legal Expert Says
  • How Bitcoin and Ether's Options Contracts Combined Expiry Could Spike Volatility
    01:11
    How Bitcoin and Ether's Options Contracts Combined Expiry Could Spike Volatility
  • The Nas news shows just how far Coinbase’s public listing will ripple across the world of venture capital, with everyone from Wall Street veterans to A-list celebrities all standing to win big when the chips fall this week. 

    QueensBridge, which was also a backer of Robinhood in 2013 and later Lyft and Dropbox, makes early-stage investments of between $100,000 and $500,000, according to Jones’ QueensBridge co-founder Anthony Saleh.

    Dividing the firm’s $100,000–$500,000 stake by the share price at the time of Coinbase's Series B ($1.00676) points to QueensBridge owning around 99,329 shares on the low end or 496,642 on the high end, according to an analysis by CoinDesk.

    At the price that Coinbase shares last traded on private secondary markets – $350 per share – Jones’ firm would have a pot of somewhere between $34.76 million and $173.8 million. If Coinbase shares trade at investment bank DA Davidson's new price target of $440, QueensBridge could see the value of its Coinbase stake rise to $43.7 million and $218.5 million, respectively.

    Saleh and Jones did not return requests for comment. Coinbase declined to comment. 

    But a source familiar with the matter confirmed QueensBridge remains on the Coinbase cap table.

    Click the image for CoinDesk's full coverage of the Coinbase public listing.
    Click the image for CoinDesk's full coverage of the Coinbase public listing.

    The source added that Jones is a friend of Ben Horowitz, co-founder of Silicon Valley venture giant Andreessen Horowitz (a16z), one of Coinbase’s main backers, who may have told the musician the then-fledgling bitcoin exchange was a promising investment. QueensBridge had raised a $10 million fund in 2012, according to “A-List Angels” author Zack O'Malley Greenburg.

    In addition to the well-picked startups QueensBridge backed between 2012 and 2014, Jones and Co. reportedly bagged around $40 million in 2018 after Amazon acquired the doorbell company Ring.

    As well as the Menlo Park mafia of close-knit crypto VCs, Coinbase pulled in some interesting early investors back in the day, including the likes of the endowment fund of Duke University (Coinbase co-founder Fred Ehrsam’s alma mater) and angels like former Reuters CEO Tom Glocer and former Citigroup CEO Vikram Pandit.

    Saleh, now a general partner at VC firm WndrCo, let his feelings about the upcoming Coinbase listing be known in a recent tweet.

    Nate DiCamillo contributed reporting.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.